2023-05-12T13:31:46-05:00 2022-06-30 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2021-07-01 042104242 FRIENDS ACADEMY INC FRIE 5089991356 1088 TUCKER ROAD NORTH DARTMOUTH MA 027473122 BENJAMIN KENNEDY HEAD OF SCHOOL 5089991356 2023-05-09 1 BENJAMIN KENNEDY 999009999 JOHN TOSCANO P00358542 8605614000 2023-05-12 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z BENJAMIN KENNEDY 1088 TUCKER ROAD NORTH DARTMOUTH MA 027473122 8947180 0 X WWW.FRIENDSACADEMY1810.ORG X 1810 MA THE TRUSTEES OF FRIENDS' ACADEMY IS A CO-EDUCATIONAL, INDEPENDENT DAY SCHOOL SERVING STUDENTS IN PRESCHOOL THROUGH GRADE EIGHT. THE MISSION OF FRIENDS ACADEMY IS TO PROVIDE EACH STUDENT WITH AN EDUCATIONAL FOUNDATION THAT WILL INSTILL THE ACADEMIC KNOWLEDGE AND SKILLS, RESPONSIBLE CITIZENSHIP, RESPECT FOR DIVERSITY AND DIFFERENCES, AND A SENSE OF WELL-BEING NEEDED FOR A LIFETIME OF LEARNING AND PERSONAL GROWTH. 12 12 102 12 0 0 319115 1344543 7414921 7124664 46197 252583 31631 120429 7811864 8842219 1934969 1881325 0 0 4301852 4515558 0 0 229095 1569551 1580906 7806372 7977789 5492 864430 17029726 16338218 6904891 6107006 10124835 10231212 X THE MISSION OF THE TRUSTEES OF FRIENDS ACADEMY IS TO PROVIDE EACH STUDENT WITH AN EDUCATIONAL FOUNDATION THAT WILL INSTILL THE ACADEMIC KNOWLEDGE AND SKILLS, RESPONSIBLE CITIZENSHIP, RESPECT FOR DIVERSITY AND DIFFERENCES, AND A SENSE OF WELL BEING NEEDED FOR A LIFETIME OF LEARNING AND PERSONAL GROWTH. 0 0 6259953 1881325 7238793 PROVIDE EDUCATION TO 232 STUDENTS ATTENDING EARLY CHILDHOOD THROUGH EIGHTH GRADE. 6259953 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 102 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X X BENJAMIN KENNEDY 5089991356 1088 TUCKER ROAD NO DARTMOUTH MA 027473122 BENJAMIN KENNEDY HEAD OF SCHOOL 40.00 X 216701 0 8879 JAMIE ROSS-CORY HEAD OF LOWER SCHOOL 40.00 X 110751 0 4407 MARK HOLMAN DIRECTOR OF FINANCE & OPERATIONS 40.00 X 78557 0 0 UMESH KC TRUSTEE 1.00 X 0 0 0 ALICE ROOT TRUSTEE 1.00 X 0 0 0 CHAD POWERS TRUSTEE 1.00 X 0 0 0 PETER DAVIES TRUSTEE 1.00 X 0 0 0 EDWARD CARNEY TRUSTEE 1.00 X 0 0 0 WILLIAM PRESCOTT TRUSTEE 1.00 X 0 0 0 SARAH ROSE TRUSTEE 1.00 X 0 0 0 BEN SHATTUCK TRUSTEE 1.00 X 0 0 0 MARY VAN PELT PRESIDENT 1.00 X X 0 0 0 AIDEN FITZGERALD VICE-PRESIDENT 1.00 X X 0 0 0 MAUREEN DECKER SECRETARY 1.00 X X 0 0 0 JAIME BARNES TREASURER 1.00 X X 0 0 0 406009 0 13286 2 0 1 0 RP VALOIS & COMPANY INC 29 RUSSELLS MILLS ROAD DARTMOUTH MA 02748 CONSTRUCTION 184450 1 746367 598176 1344543 TUITION 611600 6825479 6825479 STUDENT SUPPORT SERVIC 611600 299185 299185 7124664 252610 252610 6300 0 6300 6300 6300 100000 100027 -27 -27 -27 4000 4934 -934 -934 TEACHER TRAINING 611430 73625 73625 MISCELLANEOUS INCOME 611600 24238 24238 SUMMER INSTITUTE 611600 17200 17200 115063 8842219 7238793 0 258883 1881325 1881325 438391 235900 179891 22600 3318247 2508137 691424 118686 482956 431140 47079 4737 275964 179831 87071 9062 17020 17020 143727 143727 15685 15685 72750 7155 65595 4257 4257 227029 126295 65459 35275 293669 247573 32390 13706 27833 27833 384583 326896 38458 19229 55461 46034 6757 2670 EDUCATION PROGRAM EXPEN 174196 174196 CURRICULUM ENRICHMENT 60382 57813 2569 COMMUNICATIONS 36117 36117 BANK SERVICE CHARGES 21325 21325 46872 9825 36486 561 7977789 6259953 1488741 229095 1373229 1702837 1601250 1158901 4018167 4059272 127884 214594 12151921 6621670 5626601 5530251 4282595 3672363 17029726 16338218 506828 362707 4834618 4992357 813861 748725 749584 3217 6904891 6107006 X 6933611 7035719 3191224 3195493 10124835 10231212 17029726 16338218 864430 -758053 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4197652 250500 -524111 3924041 3365945 15056 916651 25847 74153 4197652 3477504 3587 61134 45560 130720 3365945 3363209 1900 282976 43652 126929 3477504 3250443 250561 287816 380611 3363209 0.40688 0.59312 0.00000 0 0 269511 269511 10565179 5769040 4796139 1283093 852630 430463 34138 34138 5530251 MULTI-STRATEGY EQUITY FUND 2540177 F MULTI-STRATEGY BOND FUND 1132186 F 3672363 DEPOSITS HELD IN CUSTODY FOR OTHERS 3217 3217 X 6192090 -758053 -1876391 -2634444 8826534 15685 15685 8842219 6085713 -1876391 -1876391 7962104 15685 15685 7977789 PART V, LINE 4: ENDOWMENT FUNDS INTENDED PURPOSES ARE FOR LIBRARY, FINANCIAL AID, MISCELLANEOUS SUPPORT OF SCHOOL ACTIVITIES, PLAYGROUND AND GARDEN. PART X, LINE 2: THE SCHOOL IS A TAX-EXEMPT ORGANIZATION DESCRIBED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE IRC) AND, AS SUCH, IS NOT SUBJECT TO FEDERAL OR STATE CORPORATION INCOME TAXES. THE SCHOOL HAD NO UNCERTAIN TAX POSITIONS AT JUNE 30, 2022 AND 2021. THE SCHOOL'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2018 ARE CLOSED, AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE SCHOOL HAD UNRELATED BUSINESS INCOME TAXES, IT WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID GRANTED -1,881,325. SCHOOL STORE EXPENSES 4,934. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID GRANTED -1,881,325. SCHOOL STORE EXPENSES 4,934. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PUBLISHED IN LOCAL NEWSPAPER AND DIRECT MAILING CATALOG. SCHEDULE E, PART I, LINE 6 ON APRIL 22, 2021, THE SCHOOL RECEIVED A PAYCHECK PROTECTION PROGRAM (PPP) LOAN OF $746,367 GRANTED BY THE SMALL BUSINESS ADMINISTRATION (SBA) UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT). ON FEBRUARY 18, 2022, THE SCHOOL RECEIVED NOTICE OF FULL FORGIVENESS OF ITS PPP LOAN. THE SCHOOL DOES NOT OTHERWISE RECEIVE FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY. 1 FINANCIAL AID 113 1881325 CASH VALUE OF TUITION FINANCIAL AID ALLOWED TOWARD THE STUDENT'S TUITION PART I, LINE 2: FAMILIES APPLY FOR FINANCIAL AID BY COMPLETING A PARENTS FINANCIAL STATEMENT (PFS) WHICH IS SUBMITTED TO THE SCHOOL SCHOLARSHIP SERVICE (SSS) ADMINISTERED BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS. THE FORM REQUIRES DISCLOSURE OF FAMILY FINANCIAL INFORMATION LISTING INCOME, ASSETS AND DEBT. THE SCHOOL HAS A FINANCIAL AID COMMITTEE THAT INCLUDES THE HEAD OF SCHOOL, CHIEF FINANCIAL OFFICER, DIRECTOR OF ENROLLMENT, AND THE ACADEMIC DIVISION HEADS. THESE ADMINISTRATORS REVIEW THE PFS AND MAKE AN AWARD BASED UPON THE FINANCIAL INFORMATION AVAILABLE AND IN THE CASE OF NEWLY ADMITTED STUDENTS, THE RECOMMENDATION OF THE DIRECTOR OF ENROLLMENT. X X X X X 0 0 0 0 0 0 0 1 0 BENJAMIN KENNEDY HEAD OF SCHOOL 216072 0 629 0 0 0 8643 0 236 0 225580 0 0 0 PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A DISCRETIONARY BONUS, AS APPROVED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED FOR ACCURACY BY THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES WHO DISCUSS IT WTH THE FULL BOARD. COPIES OF THE FORM 990 ARE PROVIDED TO THE FULL BOARD BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF TRUSTEES, ADMINISTRATION AND FACULTY OF FRIENDS ACADEMY MUST SIGN A COPY OF THE CONFLICT OF INTEREST POLICY EVERY YEAR TO CONFIRM THAT NO CONFLICTS EXIST. THESE DOCUMENTS ARE COLLECTED BY THE CHIEF FINANCIAL OFFICER. ANY POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED AND RESOLVED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15A THE HEAD'S COMPENSATION/CONTRACT COMMITTEE OF THE BOARD OF TRUSTEES ANNUALLY REVIEWS THE COMPENSATION OF THE HEAD OF SCHOOL. THIS IS DONE BY UTILIZING COMPARATIVE DATA FROM SIMILAR ORGANIZATIONS, CONSIDERING EDUCATION AND EXPERIENCE OF THE HEAD OF SCHOOL AND THE OUTCOME OF THE ORGANIZATION'S GOALS DURING THE YEAR. THE COMMITTEE'S DETERMINATIONS AND DECISIONS ARE DOCUMENTED ANNUALLY AND A WRITTEN FOUR YEAR TERM CONTRACT IS ENTERED INTO WITH THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION C, LINE 18 A COPY OF THE FORM 990 WILL BE AVAILABLE IN THE BUSINESS OFFICE FOR ANY BOARD MEMBERS OR INTERESTED PARTIES WHO WOULD LIKE TO REVIEW THE DOCUMENT. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THE BY-LAWS, CONFLICT OF INTEREST POLICY AND THE ANNUAL FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FROM THE HEAD OF SCHOOL. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.